President Obama's ideas about changing federal student aid policy to factor in "value" and "price" are likely to end up hurting low-income students and the colleges that serve them, writes Christopher P. Loss.

Why should donations that finance luxurious buildings and half-million-dollar salaries at wealthy colleges be tax-deductible? Explain it to the students in Wick Sloane's 7 a.m. community college classes, he writes.